Location: McPherson County, SD | Metro: Edmunds County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57471 in metro FY 2026 is set at $1,030. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which is the maximum amount the government will pay toward a tenant's rent. It does not reflect the total rent you can charge, but rather the portion covered by the voucher.
In ZIP 57471, the local market rent is currently N/A, making it difficult to compare directly with the FMR. However, the 5.9% renter share indicates that nearly 6 out of every 100 residents are likely to be seeking rental housing, suggesting a modest demand for rentals in the area.
Regarding acquisition costs, the median home value in ZIP 57471 is also listed as N/A, which means you'll need to research current property values independently. A good starting point would be to check recent sales data or consult with a local real estate agent to understand the typical price range for properties suitable for Section 8 tenants.
To proceed confidently with your first Section 8 rental, ensure that the property meets all required quality standards known as the Housing Quality Standards (HQS). This involves verifying that the unit is safe, decent, and sanitary, with no significant health or safety hazards. The inspection process is thorough and covers everything from structural integrity to electrical systems.
By confirming that your property complies with these standards, you can secure a contract with the local housing authority and start receiving the guaranteed $1,030 per month toward rent. This can provide financial stability, especially if you're entering the rental market for the first time. Remember, the difference between the FMR and the actual rent paid by the tenant must be reasonable and cannot exceed the market rate, even though the exact local market rate is currently unavailable.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.